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CAAU Online

The Recognized Leader for Advocacy and Resources to the
Multifamily Industry in Chicago and Illinois

IMPORTANT NEWS ABOUT THE NAA/BLUE MOON LEASE PROGRAM

New Link to NAA Blue Moon Lease Forms

Illinois Appellate Court rules on Move-In Fee

A recent Appellate Court decision upheld a lower court’s ruling that a “move-in” fee was neither a security deposit nor prepaid rent under the Chicago RLTO. In Althera Steenes v. MAC Property Management the plaintiff contended the “move-in” fee was “a disguised security deposit or prepaid rent” and subject to the RLTO provisions regulating such items. The Court disagreed and cited the fact that the lease addendum described the “move-in” fee as non-refundable and the amount (approximately half one-month’s rent) inadequate to be considered as security for any nonpayment of monthly rent.

Jessica Ryan of member Kovitz, Shifrin and Nesbit explains.

NAA/CAA Network

Did you know that your industry is a huge contributor to the national and local economy? WeAreApartments.org                       

Your Industry contributes $41.4 billion to the Illinois economy. 
WeAreApartments.org


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